Accessing Your Policy's Accumulated Cash Value

There are a number of ways you can access the cash that has accumulated under your policy:

• Make a cash withdrawal. You can withdraw money by written request at any time. The minimum withdrawal is $500. Note that your withdrawal will affect the amount of your death benefit under the policy. In particular, if your policy has a level protection death benefit option, any requested withdrawal or policy option that reduces the accumulation value will automatically reduce the coverage amount and partial surrender charges may apply.
• Request a policy loan⁽²⁾. You can borrow from your policy’s accumulation value at any time. Both fixed-rate and variable-rate loans are available for policies that have satisfied a minimum funding requirement. Loan interest is payable annually on the policy anniversary. Your coverage under the policy will be reduced while the loan is outstanding.
• Use your policy as collateral for a bank loan. If you use your universal life insurance policy as collateral for a loan, you can access funds tax-free⁽¹⁾, while allowing your cash value to continue to grow untouched, on a tax-advantaged basis. At the time of your death, the loan amount and accumulated interest on the loan can be repaid through the tax-free death benefit of your insurance policy.
• Cancel your policy. You can cancel your insurance at any time by written request. You will receive the policy’s accumulation value, minus any outstanding insurance costs and applicable surrender charges if you cancel your policy during the early years of your coverage. Surrender charges are specified in your policy. A market value adjustment may also apply if you withdraw money from a guaranteed interest option.